Australian (ASX) Stock Market Forum

ComSec - Account changes = you're fired!

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oldpos said:
Is there a cheaper Oz online broker out there that will pick up my cash from any independent bank account, ie one of my choosing where I can get a decent interest rate? It seems that all the brokers with low fees are tied to accounts paying a low interest rate.
Click to expand...

Check out Nabtrade, I think they have a banner on this forum to click on. Their investment account pays 4.25% interest and if you join now I think they give you 20 free trades that need to used by a certain time, cheers.
 
Just signed up on NABTrade as well, still need to finalize the identity thingy to verify my account but relatively painless process otherwise.

Direct Comparison of the two services below

Cost Per Trade:

NABTrade

$14.95 (up to $10,000)
$29.95 (up to $27,227.27)
0.11% of trade value (Over $27,227.27)

Commsec

$19.95 (up to $10,000)
$29.95 (up to $25,000)
0.12% (above $25,000)

The tick goes to NAB Trade for this.

Interest Rate:

NAB Trade

4.25% p.a. (up to $1,000,000)
3.00% p.a. (Above $1,000,000)

Commsec

$0 - $9,999 0.01 % p.a.
$10,000 - $19,999 1.50 % p.a.
$20,000 - $49,999 2.00 % p.a.
$50,000 - $99,999 2.50 % p.a.
$100,000 - $249,000 3.00 % p.a.
$250,000 - $499,999 3.25 % p.a.
$500,000 or more 3.50 % p.a.

So overall I'm finding NABTrade to be the winner, cheaper or equal on all counts for trading, and offers a higher interest rate for cash unless you've got over a million dollars on call with them (I don't have that problem... yet).

I'm probably going to keep my CommSec account open because I anticipate this to be the beginning of further fights between the two to get lucrative investors on their service platforms. If I already have an account open at CommSec it'll make it infinitely easier to transfer funds between the two platforms depending on the services on offer. I strongly encourage anyone with CommSec to set up an account with a different provider (perhaps there are ones with better terms than NABTrade, let me know if you find it!) When you're the investor you have all the power, it isn't a negotiation if you can simply send your funds to another provider over the internet with no fuss.

CommSec really have to sort their act out if NABTrade is trouncing them on both brokerage rates and at all cash rates.
 
I require only one trading/spending account and one cash/savings account with a higher interest rate. That commenter had SEVEN accounts for whatever reason? Which they somehow managed to turn into 21 accounts?!?!

No comments about the actual trading/cash accounts, just mad that they can't sort by nickname....
 
DocK said:
The major diff between the two (apart from brokerage) as I see it is that Commsec pays almost no interest on the CCA but gives you three days to have funds in the account after a purchase, whereas NAB pays much better interest but you need to have funds in the settling account before placing an order.
Click to expand...

Besides Commsec what other brokers give you 3 days to have funds in your account after a purchase? Obviously this is favourable because you don't want funds sitting in their account earning 0.01% while waiting weeks for an order to fill.

NAB requires ALL funds before you can even place an order.
 
Time to start exiting comsec and drive down their market share so they can be more competitive...a business with 50% of the market share won't do anything to provide values to its customers....more likely they try to squeeze a bit more out of you...

I reckon if 5-10% of the people leave they will wake up and take notice...
I start the paper for other platforms and Just pack up and go and leave the empty account with them..
 
hja said:
Besides Commsec what other brokers give you 3 days to have funds in your account after a purchase? Obviously this is favourable because you don't want funds sitting in their account earning 0.01% while waiting weeks for an order to fill.

NAB requires ALL funds before you can even place an order.
Click to expand...

NAB offers an account paying 4.25% p.a. while you have money on call with them, contrasted with the 3.25% of CommSec I don't mind having the money in an associated account and losing out on 3 days of interest for an extra 100 basis points per annum.

Just Imo.
 
ParleVouFrancois said:
NAB offers an account paying 4.25% p.a. while you have money on call with them, contrasted with the 3.25% of CommSec I don't mind having the money in an associated account and losing out on 3 days of interest for an extra 100 basis points per annum.

Just Imo.
Click to expand...
It could be a lot longer than 3 days.

As I said your buy order could take weeks to fill and NABtrade requires all the funds up-front to place that order.
 
I've noticed NAB are offering a high interest (currently 4.25%) account with the new Nab Trading platform. It seems a mirror image of CommSec's Cash Management Accounts. You need a Cash Account for trading, which is analogous to CommSec's Cash Account (CCA) and you can move funds between trades from your Cash Account to their High Interest Account, which is analogous to CommSec's Investment Account (CIA).

The only difference I can see, and I am unsure of this as I am not a user (yet), is that the Cash Account must have the requisite funds in it before you can place a buy order, whereas with CommSec you only need to have the funds in your CCA account on the morning of T+3. Perhaps a user could confirm if this is the case.

Transfers between the Cash and High Interest Accounts are instantaneous.

4.25% seems an excellent on call rate and as far as I can tell it is not some honeymoon offer.
 
Is it me or has commsec stopped offsetting transactions? Buying something then selling it the next day does not appear to offset anymore...

E.g buying 7k then selling 7.5k next day is not giving me 500, but debiting 7k on the T3day.
 
PinguPingu said:
Is it me or has commsec stopped offsetting transactions? Buying something then selling it the next day does not appear to offset anymore...

E.g buying 7k then selling 7.5k next day is not giving me 500, but debiting 7k on the T3day.
Click to expand...

And then you will be credited 7.5k on the T3day after you sold?
 
I just read this thread with interest (No pun Intended)
Even tho its origins is a but dated Just wast to rant about my recent happening with Commsec (someone might be able to explain as commsec cannot or don't want to)

I have an account was trading a few years ago with commsec from memory Brokerage was costing me around $19
I stopped trading for a number of reasons one being Commsec increased brokerage to the $29 mark per trade

Recently (like a few days ago) I attempted to trade
Punched the buy figures into the appropriate boxes on the website only to read the brokerage saw calculated at $61.90

I thought noway and emailed Commsec with a please explain only to be given the run around and to be told the the fees where right as listed i the terms and conditions

I then played around punching different figures in with different Company's only to still be charged a min of $61.90 and it seem to be a sliding scale up from there????

After Many emails including screen prints of the buy page I asked for a breakdown of costs as the $61.90 doesn't appear anywhere in the fee schedule
I was eventually told to ring and they will explain it all to me??

Haven't as yet just might be easier to go elsewhere
 
sails said:
And then you will be credited 7.5k on the T3day after you sold?
Click to expand...

Nah, they usually just offset it and say give the 500 on the T3 day. I rang up and they said because it went ex div. it doesnt count....first time thats ever happened. So I guess no more dividend stripping with not the full amount in my account with commsec anymore...
 
Just on a practical note- I received another email from them today and they said the next step is to activate the new debit mastercard and the old one won't work from 26th Jan. I haven't even received the new one yet and don't want to be without cash in 2 weeks. Has anyone else received their's in the mail yet?
btw I am thinking of ditching them soon too.
 
SandySmithy said:
Just on a practical note- I received another email from them today and they said the next step is to activate the new debit mastercard and the old one won't work from 26th Jan. I haven't even received the new one yet and don't want to be without cash in 2 weeks. Has anyone else received their's in the mail yet?
btw I am thinking of ditching them soon too.
Click to expand...

I got the same email..and no new card, not that im going to use it.
 
no am thinking I won't either but didn't want to be caught out without cash if I didn't get my act together getting a new account sorted by the 26th. think this might be the final straw. am sick of being messed around by them
 
nev25 said:
I have an account was trading a few years ago with commsec from memory Brokerage was costing me around $19
I stopped trading for a number of reasons one being Commsec increased brokerage to the $29 mark per trade
Click to expand...

It is still $19.95. Do you have a Comsec trade account or do you use your own cash account from elsewhere?

Recently (like a few days ago) I attempted to trade
Punched the buy figures into the appropriate boxes on the website only to read the brokerage saw calculated at $61.90
Click to expand...

Read above, do you have a linked Comsec cash account? Or can you tell us the parcel size? If the parcel is over 25K then you pay a percentage which is higher.

After Many emails including screen prints of the buy page I asked for a breakdown of costs as the $61.90 doesn't appear anywhere in the fee schedule
Click to expand...

Look at the FSG, it is in section 10 page 13, that may help you. Here is the link: http://images.comsec.com.au/pdf/FSG/FSG.pdf
 
Bill M said:
It is still $19.95. Do you have a Comsec trade account or do you use your own cash account from elsewhere?



Read above, do you have a linked Comsec cash account? Or can you tell us the parcel size? If the parcel is over 25K then you pay a percentage which is higher.
Click to expand...

No I dont have a Commsec cash Account so I should be paying $29.95 for up to $10000 as per page 10RIGHT

As I said it dosnt matted the size of the parcel Brokerage is still $61.90



Bill M said:
Look at the FSG, it is in section 10 page 13, that may help you. Here is the link: http://images.comsec.com.au/pdf/FSG/FSG.pdf
Click to expand...

Section 10 Page 13??????

Cannot see the figure $61.90 in the document anywhere


Just Punched it
TLS 1200 Shares At Market

Order Value $5,376
Brockerage $61.90

Total Cost 5,437.90
 
nev25 said:
Section 10 Page 13??????

Cannot see the figure $61.90 in the document anywhere


Just Punched it
TLS 1200 Shares At Market

Order Value $5,376
Brockerage $61.90

Total Cost 5,437.90
Click to expand...

Sorry Nev, I can't see it either. You should be paying $29.95.

That has never happened to me. I did it as an exercise this morning, they are charging me $19.95 for the same trade as yours. It is a mystery, if you get to the bottom of it I'd like to know what their excuse is. Screen shot attached.
 

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